Crude oil prices extended their losses on Wednesday, plunging by more than 6% after China announced it raised its trade duty on goods from the United States from 34% to 84% in response to US President Donald Trump’s tariffs, including a cumulative levy rate of 104% on Chinese imports. West Texas Intermediate (WTI) for May’s settlements plummeted by 6.55% at 7:03 am ET to sell for $55.72 per barrel. Meanwhile, Brent for June’s deliveries nosedived by 6.22% and sold for $58.99 per barrel at 7:04 am ET.